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, detroit's bankruptcy is hurting investor's miles from michigan. plus, why soda is becoming a harder sell. and, here's man's new best friend: why more chickens and roosters are moving away from the farm. first business starts now. you're watching first business: financial news, analysis, and today's investment ideas. good morning! it's monday, august 12th. i'm angela miles. in today's first look: is the summer rally slipping away? the major indicies all fell friday, ending down for the entire week. it's the first weekly decline since june as traders fret over the fed's next move. gold was a gainer by $4. oil added on $2.63 apple shines in its patent case. the internationl trade commission ruled that samsung infringed on iphone patents owned by apple. samsung is expected to appeal. and aol has turned into a chatter stock. shares rose 2% friday on speculation the internet company is planning drastic cuts or that it may shut down its local news sites, called patch. scott shellady of trean group joins us on this monday morning. happy monday morning to you, scott. - good morning. - how critica
motown hits a high note.... why detroit's bankruptcy is attracting investors.... in today's cover story... will compeition in the discount airline industry give a lift to ticket sales. plus... the ultimate people mover. tesla's ceo is out with a plan that will whisk you around the nation.. and.... low cost vacation could be right around the corner... first business starts now! you're watching first business: financial news, analysis, and today's investment ideas good morning! it's tuesday, august 13th. i'm angela miles. in today's first look: trending now in the market: tech stocks..news out of apple and blackberry motivated buyers.. making the nasdaq the only major indicies to end the session in the green yesterday gold up $23, oil: 18cents. it could turn in to a not so yummy day for yum brands stock. the company that owns kfc continues to see a decline of sales in china due to a chicken scare allegedly caused by suppliers breakng rules. and the latest data shows.. american workers are up to 10 days of vacattion from 8 -- back in 1993. but they are also getting less paid sick
time. pension funds and officials from detroit are in the midst of a dispute. kevin orr, the city's emergency financial manager met with pension funds yesterday to determine the pension shortfall.orr says pensions are underfunded by about three and a half billion dollars. while those funds estimate the shortfall is less, about 600 million dollars. a detroit reporter tells us...the meeting was likely the first of many. "this is an ongoing dispute and i don't expect that the differences between the emergency manager's numbers and the pension fund's numbers are going to be resolved that lasts a few hours. my suspicion and again this is just a suspicion is that this will be the first of several kinds of these meetings that will take place here in the coming days and weeks." that was kirk pin-ho, of crain's detroit business. the deadline to file challenges to detroit's bankruptcy elligability was last night. pinho says the next battle coming down the pipeline: pension funds that filed challenges under grounds that pensions are protected under the constitution, and therefore detroit was
treatment." a federal judge is speeding up detroit's bankruptcy hearing process. the judge is determining whether the motor city "is eligible" for protection from creditors. arguments in the case will begin september 18th, which is much earlier than the october 23rd date the judge originally scheduled. detroit''s emergency manger kevyn orr will have to prove the city is insolvent. city employees and retired workers will argue to protect their pensions under michigan's constitution. starbucks is set to start selling its evolution fresh juices in whole foods stores. the coffee giant acquired the cold-pressed juice maker in 2011. a big part of its plan for the selling juice in retail outlets with an eye to gaining a bigger foothold in the $1.6 billion premium juice market. evolution fresh snacks will also debut in whole foods stores and come to starbucks locations this fall. as early as september you may be able to trade in your old i- phone to get an upgrade. apple is reportedly planning to unveil the plan next month. sources told all things d that the company is expected to make an o
a collateralized debt obligation investigation. b of a says it's cooperating. detroit is speeding up its plan to move through bankruptcy. the city is aiming to file a restructuring plan by the end of the year. that's ahead of schedule. a federal judge earlier proposed a deadline of next march. meanwhile, tomorrow, voters will head to the polls for the city's primary election for mayor and city council. chris gautz, a reporter with crain's chicago business, tells us the elections add a layer of complexity to detroit's current financial situation. "once they take office, they really aren't going to have a whole lot of power because there is still this emergency manager that will be in charge of many things, and they will be running a city that is in the middle of a federal bankruptcy hearing." meanwhile, officers in the police and fire departments are going to have their paychecks cut. how big a cut? 10% for 1,600 officers. the lower pay will be reflected in september paychecks. pilots in greece are airing their frustration. the country's civil avaition union is calling for a 3-day strike at th
donations. detroit will retain access to its casino cash. a judge ruled this week that the city can continue to hold on to its gambling tax revenue.detroit's bond insurer had attempted to gain access to the money, arguing that the taxes are considered collateral for other debts. however, a judge says the revenues are protected by u.s. law and cannot be frozen. currently the city rakes in 180 million dollars a year in taxes from its three casinos. groupon is buying a warehouse. and it's viewed as a competitive step toward amazon. the wall street journal reports groupon is building a network of warehouses to store items to sell similar to amazon.but there will be a revolviing selection of goods similar to costco or sams. groupon's core business is selling daily coupons on the internet.groupon's shares have trended higher this summers under new management. groupon is among several companies doing a ceo shuffle this year.a new study shows-- nearly 40% of the top-paid ceos in the u.s. during the last 20 years wound up being fired, fined or bailed out by the government. among the names on the top
the metal in detroit-area warehouses. the lawsuit claims hoarding drove up prices. a jp morgan spokesman tells bloomberg the suit has no merit. goldman sachs agrees and plans a vigorous fight. goldman sachs was sued on similar charges august 1st. jpm recently revealed plans to exit owning and trading commodities. a-rod's appeal has eroded, according to marketing executives. it happened to tiger woods, lance armstrong and a list of other athletes who fell from the pedestal they were placed upon after a variety of missteps - in alex rodriguez's case, major league baseball's 211-game suspension, which he is appealing, for involvement in the biogenisis performance-enhancing drugs scandal. "i think there is more of a risk for companies to identify with an individual athlete. if they do something wrong, your brand goes down with them. i think what you're likely to see are more 'group' sponsorships, similar to the 'gillette young guns' or the coca-cola's 'family of drivers' in nascar. that seems safer to me." adler says look for fewer mega- deals for individual athletes, and corporate sponsorsh
Search Results 0 to 6 of about 7